<div id="readability-page-1">It's that time of the year again, when investors are rebalancing their portfolios and setting new strategies for the year ahead. We already dove into the best Dow Jones Industrial Average (DJI) and S&amp;P 500 Index (SPX) stocks of 2025, but now it's time to talk about the elephant in the room: the underperformers. The worst performer on the Dow this year is UnitedHealth Group Inc (NYSE:UNH). The healthcare company has been mired in controversy since December 2024, following the murder of CEO Brian Thompson. A surprise earnings miss in April and lowered full-year outlook due to higher-than-expected medical costs knocked the stock off the $600 level. Despite rally attempts later in the year, the shares lost steam at $325 and gapped to their lowest level since April 2020. Last seen trading at $324.13, UNH is pacing for its seventh-straight loss, on track to close out 2025 with only five monthly wins under its belt. So far this year, the security has shed more than 35%. <img src="https://imageproxy.pbkrs.com/https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2025/december/intraday/unhd145942632i.png/query-c2Z2cnNuPTZhYTZiZTA2XzA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2460" height="884" original-src="https://imageproxy.pbkrs.com/https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2025/december/intraday/unhd145942632i.png/query-c2Z2cnNuPTZhYTZiZTA2XzA"/> Despite this underperformance, short-term options traders lean bullish. This is per UNH's Schaeffer's put/call open interest ratio (SOIR) that ranks higher than only 4% of annual readings. An unwinding of this optimism could generate additional headwinds for the equity moving forward. UnitedHealth stock also sports a Schaeffer's Volatility Index (SVI) of 30% that sits in the 19th percentile of its annual range, suggesting near-term option traders are pricing in low volatility expectations. It's also worth mentioning that UNH tended to outperform volatility expectations in the last year, per its Schaeffer's Volatility Scorecard (SVS) of 99 out of 100.</div>

联合健康

联合健康集团（UnitedHealth Group Inc，NYSE:UNH）在 2025 年成为道琼斯指数中表现最差的股票，因争议、意外的盈利失误和下调前景，股价下跌超过 35%。尽管有反弹的尝试，股价仍跌至自 2020 年 4 月以来的最低点。短期期权交易者依然看涨，但乐观情绪的消退可能带来进一步挑战。UNH 的波动性预期较低，但在过去一年中，其表现超出了这些预期

联合健康是如何成为 2025 年道琼斯指数中表现最差的股票的